Bolttech implements a B2B2C approach to connect more than 700 distribution partners worldwide, with 230 providers offering 6,000 products to consumers.
Heaptalk, Jakarta — Singapore’s insurtech Bolttech announced its new achievement by seizing the latest Series B funding round worth US$196 million, bringing its valuation to US$1.6 billion. Tokio Marine led this round, with participation from several investors, namely MetLife Next Gen Ventures and Malaysia’s Khazanah National.
Bolttech will allocate the new fund to boost its business growth organically, including investing in proprietary technology, digital capabilities for business partners and end consumers, and human resources in more than 30 markets of Bolttech. Besides, this startup will also utilize the injection to explore business growth inorganically to reach an international market.
The Group Chief Executive Officer, Rob Schimek, admitted, “Having just celebrated our third anniversary since our launch in 2020, we are incredibly proud of what we have achieved on our mission to create the technology-enabled insurance ecosystem. We appreciate our investors for pouring the capital into this Series B round. We look forward to having strategic partnerships to fuel the company’s growth toward profitability in 2024,”
Established three years ago, Bolttech’s business model implements Business-to-Business-to-Consumer (B2B2C), which connects more than 700 distribution partners worldwide with 230 providers that proffer 6,000 products to consumers. Having a business license to operate in Asia, Europe, and all 50 states in the United States, Bolttech startup provides insurance products that suit customer needs in this digital era. Currently, the startup quotes about US$55 billion worth of annualized premiums.
This insurtech startup proffers an embedded insurance service for its customers as one facility when customers purchase several products and services – for instance, customers buying a smartphone might be prompted to purchase a protection plan that offers repair, device replacement, or trade-in. With a B2B2C business scheme, Bolttech has partnered with several companies, including Liberty Mutual, PayMaya, Progressive, Lazada, Samsung, and Home Credit.
Bolttech Insurance company has 1,500 team members worldwide, including insurance and tech experts, to back the company in discovering innovative ways to distribute insurance products. With the contribution of the talented team, Bolttech continues to enhance its insurance distribution technology, including its purchasing experiences and quoting engines, optimizing claims automation, fraud detection, and inventory management.
Also, with this latest Series B round, this startup plan to pioneer an Artificial Intelligence (AI) usage and protection value chain, covering computer vision, generative AI or natural language processing, advanced analytics, and robotic automation.
